Swedish Ikano Bank, owned by the Ikano Group and founded by IKEA’s founder, Ingvar Kamprad, has partnered with Tata Consultancy Services (TCS) for a Europe-wide core banking technology overhaul. The implementation of TCS Bancs core banking system on a Software-as-a-Service (SaaS) basis aims to modernize Ikano Bank’s operations and consolidate its multi-country capabilities onto a single platform.
Facts
- Ikano Bank has signed a deal with Tata Consultancy Services (TCS) for its TCS Bancs core banking system.
- The core banking modernization will be implemented across Ikano Bank’s operations in eight European markets.
- Ikano Bank offers a variety of financial services and banking products, including loans, savings, mortgages, credit cards, leasing, and factoring for SMBs.
- The bank currently operates on different core banking solutions in each of the eight countries, leading to siloed operations, inconsistent customer experiences, and risk management challenges.
- Ikano Bank aims to build a fully digital bank focused on superior customer experience, starting with the consolidation of its pan-European accounts, deposits, and unsecured retail lending business on the new core banking platform.
- The partnership with TCS Bancs is aligned with Ikano Bank’s strategy to simplify its technological landscape and accelerate innovation while providing customers with contextual experiences and faster response times.
- TCS Bancs is a proven solution with a successful track record in the Nordics, making it a suitable choice to support Ikano Bank’s transformation journey.
